You can get the present worth of your home by getting a Comparative Market Analysis or a comp. This is usually done through a realtor who performs a thorough study of your property, taking into account latest sales, pending sales and present listings of homes with same size and structure within the same area.
The analysis should involve at least ten other similar houses that have been sold within the last six months. How many baths and bedrooms you have, plus the design and neighborhood of your house help to evaluate the worth of your property. The area is exceedingly important to this assessment because comparing similar homes in the same city but 10 minutes apart may render them not of comparable value.
In order to be completely accurate, homes must be compared side by side. Based on their differences, adjustments in the price of comparative houses can be made at this time. An agent can adjust the price of a house if, for example, one of the homes has an extra bathroom or one less bedroom.
A CMA is a very effective method to determine the real value of your home. Although technically you could do it yourself, a trained real estate professional has access to more up-to-date, geographic-related information concerning active, pending and expired real estate listings, comparable house sales and market trends.
A CMA cannot provide any type of price guarantee, as there are many issues involved in selling a house, not the least of which are individual considerations, such as a seller’s desire to move on to greener pastures or otherwise. The choices in a seller’s mind are beyond the control of the purchaser and the agent, and monetary and emotional factors can affect willingness to sell or the decision to hold out for the right price.
Not all CMAs are equal, not like men as indicated in the United States Constitution. Think about questions to ask your agent before the procedure of the CMA begins in order to insure the best results. At the very least, a CMA will involve: active listings on houses currently for sale, pending listings which concern houses under contract and sold listings which are the most influential when determining the estimated market value of your home.
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